Amun’s crypto ETP is based on the four top crypto currencies of Bitcoin (BTC), Ether (ETH), Ripple (XRP) and Litecoin (LTC), according to a statement released by SIX. It started trading on Thursday as the first crypto index ETP listed on a regulated stock exchange.
The Zug startup wants to make investment in crypto assets as easy as buying shares, according to Amun. The ETP gives investors access to "diversified market-cap weighted and automatically re-balancing basket of the top five crypto assets”, writes the company website. After considering 28 different stock exchanges worldwide, Amun chose Switzerland for its highly regarded financial centre and legal security.
An ETP is a collateralized, non-interest-paying bearer debt security, according to SIX. It is traded as well as redeemed in the same structure on a continuous basis. Unlike ETFs, ETPs are not collective investment schemes in the sense of the Federal Act on Collective Investment Schemes (CISA). For this reason, Amun’s ETP will not be supervised by the Swiss Financial Market Supervisory Authority FINMA.
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